$LRC

#Loopring (LRC) is moving within a descending wedge pattern for weeks, with the price consistently recording lower highs and lower lows - clearly respecting both the descending resistance and support levels. However, we are now starting to see signs of change as it retests the upper trendline.

A breakout above the descending resistance is expected, which is already happening near the 50-day exponential moving average, adding more confluence for a potential bullish move. This movement increases the likelihood of a short-term trend reversal.

The support area around $0.078-$0.082 is the main area to watch now. If the bulls can hold above this area and reclaim it as a base, we may see a continuation of the breakout towards the moderate resistance at $0.096. If momentum builds from there, the next big target is the strong resistance at $0.1118 - a level characterized by historical seller interest and significant resistance to trading volume.

However, if the #LRCUSD pair drops below the strong demand area at $0.0706, then this entire bullish setup becomes invalid. This breakdown suggests that the market is not ready yet and could lead to another downward wave towards new lows.